Blockchain in Insurance Industry

Blockchain technology can be used to create a central repository of truth for insurance companies, so insurance companies using blockchain can take advantage of transparent information about the transactions, which creates a sense of trust.

Here are three major applications where certicates in the blockchain are transforming insurance industry:

Benefits of Vottun Blockchain Technology in Insurance

Vottun can help you to optimize the certification processes that your company is doing for Underwriting. The department that is responsible for verifying the authenticity of the claim, and decides on how much percentage of the claim can be covered is always in need of a trustworthy repository of data.

Vottun with smart contracts technology can help automate this processes reducing possibility of fraud and human errors. Blockchain technology in insurance offering to be the central repository of truth. Using Vottun protocol to access blockchain, underwriters can source data from external sources to automate some aspects of underwriting, since the data in the blockchain is trustable and is from a verified source.

Implementation Blockchain Technology in Insurance

Vottun could be your partner on improving your claims processing methods. Looking to have a direct impact in customer, it becomes clear that for the user, the submitting a claims and getting it approved is a tedious process. The processing can take quite a while, considering the number of data points to verify and also the amount of manual effort required.

With Vottun protocol you can use blockchain in insurance industry and most of the necessary information that is required for claims verification can be processed in no-time. Since blockchain can take inputs from a variety of difference sources without tampering any information, insurers can use the data available in the blockchain to certify the usage of an asset. Certification in order to speed claims processing up is one major area where insurers can take advantage of blockchain for insurance industry.

KNOW YOUR CUSTOMER (KYC) CLIENT ON-BOARDING

Today, every customer is required to verifying their KYC with the insurance company. Insurers and customers waste a lot of time verifying their documents and identity. This can be reduced with Vottun protocol so a blockchain insurance platform can talk to other blockchain platforms to verify the identity of the user.

The records in the blockchain can be made available with the ones who has permission to view the information. At Vottun protocol, all the user records are securely stored in the blockchain using secure cryptographic techniques and its compliant with GDPR EU law.

WHAT’S NEXT

If you are in the insurance industry or you have customers in the insurance industry, and would like to explore if blockchain is the right technology for your particular use-case, we recommend you to contact us so we can help you arrive at a meaningful business concept.